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Syed Ali Ahmed
Tribune News Service
New Delhi, December 29
The CBI has registered a case of financial irregularities against the proprietors of Al Anmol Jewels located at Shop No. 22, second floor, Elante Mall, Industrial Area, Chandigarh, for allegedly defrauding Canara Bank to the tune of over Rs 9 crore.
The case was registered following the CBI received a complaint from Shabbir Hussain, General Manager of Canara Bank, Circle Office, Sector 34 A, Chandigarh, who alleged that fraud came to light during scrutiny of loans sanctioned to firms in prime corporate branch of the bank at SCO 117-119 basement, Sector 17-C, Chandigarh. The perpetrators of the crime are Vikas Walia and his wife Vernica Walia, sources said.
The agency received the complaint on December 27.
The accused had two units in the jewellery business – Anmol Rattan Jewellers Private Limited (ARJPL) engaged in wholesale and retail business of diamond and gold jewellery at Mohali and Rattan Jewellery Manufacturing Company (RJMC) involved in manufacturing of diamond-studded gold jewellery located at Goregaon (West) in Mumbai, the sources said.
The AIRPL is banking with PNB, Sector 22, Chandigarh, and enjoying the total limits of Rs 9 crore with them since 2009. At present, the account of ARJPL is NPA with Punjab National Bank, the sources said.
Vikas and Vernica approached the Canara Bank for loan facility, Open Cash Credit to the extent of Rs 15 crore in the name of Al Anmol Jewels in September 2014. The Canara Bank considered the request and sanctioned credit facility of OCC to the extent of Rs 15 crore vide sanction letter dated October 18, 2014. The limit was released on November 7, 2014, to extent of Rs 6 crore by obtaining six properties as collateral valued Rs 8.46 crore.
According to the sources, the account of Anmol Jewels was classified as NPA on June 30, 2015, due to non servicing of interest and outstanding balance thereof was Rs 5.85 crore. The firm failed to revive the account and failed to meet promise made on several occasions to set right of the status of the account. The business of shop at Elante Mall closed since November 8, 2014, reportedly due to a dispute with ex-partner. Thereafter the bank filed a recovery suit on May 12, 2016.
During investigation, the CBI found that the accused had misused the loan amount disbursing its 50 per cent among its sister organisation - Al Rattan Jewellary Manufacturing Company, Adiva Diamonds Private Limited, Saahil Diamonds, Kavish Diamonds Jewellery Private Limited, Princess Jewellery and Al Rattan Jewellers Private limited, the sources said.
Their only intention was to defraud the bank and misappropriate the fund. The accused did not use the credit facility for business-related purpose. The facility was misused by them for transferring the amount into their own sister concern.
The act of defrauding is done by them at the time availing credit facility allegedly in connivance of valuer, Ved Prakash Gupta who managed to show the inflated valuation of the properties offered as collateral security to complainant bank. The property against which the loan was sanctioned shown by the valuer as commercial property at village Dera Bassi in Punjab. The value of the property at the time of sanctioning loan was Rs 3.06 crore. When it was re-valued by the bank in 2017, it was Rs 9.08 lakh, the sources said.